Federal Loan Servicers
A loan servicer is a company that handles the billing and other services on your federal student loan. Your loan is assigned to a loan servicer by the U.S. Department of Education after your loan amount is first disbursed (paid out). Your servicer should contact you directly after your funds are disbursed, but if you're still unsure you can find out who your loan servicer is by following the directions here.
These servicers will:
- Comply with legislative regulatory requirements and provide unique services
- Educate and inform borrowers as to the tools and options available to assist them in the management of their student loans
- Offer multiple repayment options tailored to borrower preferences ( i.e. Online payments, ACH, check, etc)
- Provide self-service tools for borrowers and options for receiving bills and/or correspondence electronically
- Offer dedicated services to schools to help manage cohort default rates